Economy
Sportsbooks Fined By Ohio Commission
The online gambling industry in the United States continues to grow as new states adopt the legislation required to license and regulate operators. It was Ohio’s turn to do so on the 1st of January by signing House Bill 29 into law and allowing online bookmakers to apply for a license issued by the state’s Casino Control Commission.
Shortly after putting the framework in place, Ohio issued 23 type A licenses that allow operators to offer online sports betting services via mobile apps and websites. However, shortly after going live, three bookies breached the gambling advertising rules and received fines for their actions.
What Led to the Fines Handed by Ohio’s Regulator?
Upon receiving their type A license, all operators agreed to follow strict rules regarding sports betting advertising. The regulations do not allow any use of “risk-free” or “free” bets and need to have a clear message in order to prevent problem gambling
However, in the rush of launching their websites, at least three bookmakers active in Ohio failed to respect the advertising restrictions and are now facing hefty fines. BetMGM, DraftKings, and Ceasers are online sportsbooks that repeatedly broke their promise not to promote free bets when the customers are required to risk their own funds. In addition, the Ohio Casino Control Commission established that the same companies did not include a clear message about the dangers of problem gambling in their communications.
Therefore, the brands will have to pay a $150,000 fine for not respecting the guidelines stipulated by the Commission. To make things even worse, this comes after all the licensed bookies received a warning on the 30th of December, 2022, about following these specific rules.
Ohio’s Casino Control Commission executive director, Matt Schuler, said that the bookmakers got several memos about the rules regarding promotions and advertising. However, some of them continue to disregard the law leaving the commission with no choice but to seek penalties.
The Bookmakers’ Position
Caesars Sportsbook
Of course, the companies targeted with fines had the chance to express their stance on the events. Caesars sportsbook, through their assistant general counsel Jeff Hendricks said they are sorry that the issue was identified since they were eager to cooperate with the commission to settle things.
In their case, the rules were broken by an affiliate campaign on Twitter that had a Free Bonus Offer of $100 as a promotional free bet. However, the punter had to make a $20 deposit to be able to enjoy the so-called “free bet”.
DraftKings Sportsbook promised a Free Bonus
Even though the operator highlighted that they are committed to respecting the highest standards of responsible gambling and player protection, DraftKings refused to comment on the fine they’re targeted with.
In this case, the penalty amount could be even higher since the online bookmaker is accused of sending around 2,500 ads to potential customers under 21, who are not allowed to place bets. For this breach of regulations, the operator could receive a $350,000 fine as the investigations are underway.
BetMGM Sportsbook
Finally, BetMGM was also notified about their wrong steps regarding sports betting advertising compliance. The company refused to comment on the events while reassuring its customers that responsible gambling is of utmost importance for the brand.
Even so, the State of Ohio made it very clear that the companies that massively advertise betting on sports need to be aware that their actions are being closely watched.
Other Sanctions Handed by OCCC
This string of fines applied by the Ohio Casino Control Commission is not the first of its kind. Earlier in December, Barstool Sportsbook also received a notice of violation regarding an event that took place on the Toledo University campus. The regulations clearly state that advertising near or on college campuses is forbidden, and Barstool could receive a $250,000 fine for failing to comply.
Overall, the total sum of the proposed sanctions exceeds $1 million, and the commission shows no signs of slowing down. The regulators want to send a clear message to all licensed online bookmakers – follow the rules or pay the price.
Final Thoughts
It is clear that the Ohio Casino Control Commission is determined to follow the law to the letter and not let operators get away with even minor mistakes. This approach is fantastic for player protection and avoiding serious gambling disorders. However, it may cause some bookmakers to reduce their activities in the state, resulting in less income received through online betting taxation.
One thing is sure though, the online gambling industry in the United States continues its spectacular growth. From a market size of $9,5 billion in 2021, the estimates for 2023 are more than optimistic, despite regulators’ strictness.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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